Technological advancements in the means of production are the driving force behind the changes in the prevailing system of socio-economic relations. Feudalism was transformed into capitalism as a result of such advancements. While man obtained physical freedom, the financial freedom remained...

This paper takes off from Jan Kregel’s paper “Shylock and Hamlet, or Are There Bulls and Bears in the Circuit?” (1986), which aimed to remedy shortcomings in most expositions of the “circuit approach.” While some “circuitistes” have rejected John Maynard Keynes’s liquidity...

This paper takes off from Jan Kregel's paper "Shylock and Hamlet, or Are There Bulls and Bears in the Circuit?" (1986), which aimed to remedy shortcomings in most expositions of the "circuit approach". While some "circuitistes" have rejected John Maynard Keynes's liquidity preference theory,...

This paper presents an overview of different models which explain financial crises, with the aim of understanding economic developments during and possibly after the Great Recession. In the first part approaches based on efficient markets and rational expectations hypotheses are analyzed, which...

This paper introduces the historical dataset with economic time series of socialist Bulgaria, Czechoslovakia (CSSR), the German Democratic Republic (GDR), Hungary, Poland, Romania, the Soviet Union (USSR) and Yugoslavia from 1944 to 1993 as well as a new dataset on Albania created as part of...

In this paper we use insights from Sraffa's classic, Production of Commodities by Means of Commodities, to argue that the classical notion of ‘centre of gravitation' is not a sound concept. The market mechanics of labour allocation through price signals and quantity adjustments, given...

Recent conceptualizations of trends in the structure of U.S. industry have focused on the relative importance of markets, hierarchies, and hybrid intermediate forms. This paper seeks to advance the discussion by distinguishing three ideal-typical forms of organization and their corresponding key...

In this article I reconsider Laibman’s Deep History (2007) in the light of Niles Eldredge and Stephan Jay Gould’s theory of punctuated equilibrium. I argue that the theory of punctuated equilibrium explains why conceptions of inevitability and directionality in intellectual evolution may not...